When you first started working for your business, you did everything in your power to ensure its successful online growth. From researching your niche and industry leaders to scouring trade publications for growth ideas, you left no stone unturned. You also employed other methods like social media, blogging, and word-of-mouth advertising to expand your reach.
However, while starting up an eCommerce business was easy enough, growing it proved to be quite the challenge. Regardless of the tactics you have used so far, you often find yourself stuck at square one.
But, certain principles still hold and can guarantee a positive trajectory for your business. This blog is a compiled list of these common sense principles that you can apply to grow your business online.
Table of Contents
- 7 Common Sense Principles To Apply For Online Business Growth
- Key Takeaway
7 Common Sense Principles To Apply For Online Business Growth
To increase your online sales and grow your business in this online world, you need to have the following common-sense principles in your hand. Look further to learn about them in detail:
Improve Your Customer Service
Customer engagement is the most crucial aspect of any business. However, if a customer has a negative experience at your eCommerce store, they don’t hesitate to spread the word to others, which results in a detrimental impact on your business. Therefore, it is essential not to underestimate this negative feedback.
If growing your business online is your top priority, having excellent customer service is very important. You can improve it by considering the most common obstacles businesses face while providing customer service.
These obstacles can be improved by implementing efficient systems like CRM software that provides you with all the information in one place, thereby streamlining communication.
Create a Strong Email Marketing Strategy
Email Marketing should be the most crucial part of your common sense principles to apply for business growth. The worldwide email marketing industry is expected to expand and reach a valuation of $17.9 billion by the year 2027.
When you have an email list, you tend to have direct communication links with your customers. It means you don’t have to heavily rely on social media. However, do not use email just to sell your products or share updates about offers on your store.
Ensure to leverage it as a means of providing value to your customers. It includes sharing exciting information, tips & tricks, news, or giving away freebies. This way, you will tend to build customer loyalty.
Leverage Social Media For Long-Term and Short-Term Sales
Social media has a profound impact on eCommerce, resulting in the two becoming deeply interconnected. It plays a dual role in eCommerce.
Once you have identified your target audience and the social media platforms they utilize, you can generate leads for your business by paying for both paid and organic social media tactics. This way, you tend to fill up the sales funnel with potential customers and increase your chances of making sales.
Build a Referral Network
Your loyal fans, also known as evangelists, are the most effective brand promoters. They have significant power in promoting your brand because people tend to trust the opinions of those they know over traditional marketing tactics.
Evangelists giving organic recommendations are considered more valuable in promoting a brand than several advertisements, no matter how well-crafted they may be.
You can effectively empower these evangelists by creating a referral network. You can make it accessible to all your visitors to reach a wider audience and gain bloggers’ attention worldwide. You can even keep it exclusive to the most engaged and loyal customers you know. This exclusivity can entice more people to engage with your brand and aim to be part of the program.
The referral network offers several ways to incentive referrals. It includes the traditional affiliate link with a monetary commission, points-based systems with prizes to redeem, a linear graph of benefits that users can earn as they refer more customers.
You can also use customized solutions tailored to your business’s unique needs. The best approach depends on what your customers value the most from their relationships with your brand, whether it’s your product or monetary incentives.
Retarget or Remarket
Retargeting and remarketing are two different concepts with the same goal: to target people who have already shown an interest in your brand. These individuals are more likely to convert than a random demographic group.
While retargeting uses paid ads to target this audience with customized marketing, remarketing uses emails or other organic outreach methods.
Utilizing both retargeting and remarketing enables businesses to reach out to engage and aware individuals, who make for a highly valuable audience. The channels used to reach out to this audience will depend on their preferences. It’s important to make use of these tactics, as they can significantly boost conversion rates and lead to increased sales and revenue.
Perform Deep Funnel Analysis
Regardless of the business size, data analysis has proved to be valuable in identifying where customers drop off in their journey from initial awareness to conversion and beyond. These drop-off points tend to signal issues like lengthy forms, unconvincing calls to action, or instinct buttons.
Once you have pinpointed the problem, you can take measures to tackle it and find a solution. So, take advantage of data analysis to identify where customers are disengaging and use this knowledge to optimize your customer journey.
Make Your Business Mobile-Friendly
In the current era of eCommerce, mobile shopping or mCommerce has become the norm. More and more people are using wireless devices like smartphones or tablets to make online purchases.
According to Statista, retail mCommerce sales in the United States are expected to reach $710 billion by 2025.
Therefore, to tap into this massive market, it’s vital to optimize your online store for mobile devices. Here, your choice of eCommerce platform is very crucial.
If you are selling in B2B space, ensure to use the right B2B eCommerce platform that can make your website pages mobile friendly, consider the mobile user experience, and integrate a smooth payment process to streamline the checkout process.
Creating a growth strategy and plan that aligns with your business goals and implementing it is essential for achieving long-term profitability and growth. These principles or plans should be specific actions that will be taken to achieve your objectives, as well as, clear benchmarks to achieve your success. Remember, growth does not happen automatically. It requires clear planning and execution. Following these principles will help you to set your business on a path toward sustainable growth and profitability.
VARStreet offers a complete solution for the start and growth of your online business with its comprehensive business management software.